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13. The terms of reference of the aforesaid and that they and the partners of the
committees have been formed, firm involved in the audit are not a close
documented and advised to the relative (spouse, parent, dependent
committee for compliance. and non-dependent children) of the
chief executive officer, chief financial
14. The frequency of meetings (quarterly/ officer, head of internal audit, company
half yearly/ yearly) of the committee secretary or director of the Company;
were as per following:
Committee Frequency 17. The statutory auditors or the persons
Audit Committee Quarterly associated with them have not been
HR and Remuneration appointed to provide other services
Committee Yearly except in accordance with the Act, these
Regulations or any other regulatory
15. The Board has set up an effective
internal audit function. requirement and the auditors have
confirmed that they have observed IFAC
16. The statutory auditors of the company guidelines in this regard.
have confirmed that they have been 18. We confirm that all requirements of
given a satisfactory rating under the regulations 3, 6, 7, 8, 27, 32, 33 and 36
Quality Control Review program of the of the Regulations have been complied
Institute of Chartered Accountants with. Also refer paragraph 1 of the
of Pakistan and registered with Audit Statement.
Oversight Board of Pakistan, that they
and all their partners are in compliance 19. Explanation for non-compliance with
with International Federation of requirements, other than regulations 3, 6,
Accountants (IFAC) guidelines on code 7, 8, 27, 32, 33 and 36 of the Regulations
of ethics as adopted by the Institute have been given in paragraph 10 & 12.
of Chartered Accountants of Pakistan
SHUAIB A. MALIK ABDUS SATTAR
Chairman & Chief Executive Director
Rawalpindi
August 11, 2021
ANNUAL REPORT 2021 109
